Report Industry Investment Rating - PX/PTA/PF/PR are rated as neutral [3] Core Viewpoints - The cost side of crude oil shows a pattern of strong reality and weak expectation, with overall volatile movement. The supply-side OPEC+ maintains the production increase plan, and the impact of the increase is gradually emerging, with signs of weakening oil prices. However, the improvement in macro sentiment brought about by the peak demand season and the trade agreement between the US, Japan, and South Korea, as well as geopolitical factors, provide support for the downside of oil prices [1] - In the PX market, the PXN was $294/ton in the previous trading session (a month-on-month change of +$13.63/ton). Recently, the Asian PX load has remained basically stable, with little change in the fundamentals. The market mainly trades on macro sentiment. PX continues to have a low inventory pattern, but the spot floating price remains stable in the absence of more positive factors. Considering the rigid demand procurement of PX by new PTA plants, there is support for the downside of PXN. Attention should be paid to macro and crude oil trends [1] - In the TA market, the spot basis of the TA main contract is -7 yuan/ton (a month-on-month change of +1 yuan/ton), the PTA spot processing fee is 195 yuan/ton (a month-on-month change of +30 yuan/ton), and the processing fee on the main contract's futures market is 384 yuan/ton (a month-on-month change of +2 yuan/ton). With the concentrated raw material replenishment by terminal weaving factories, the inventory pressure of filament factories has been significantly reduced, and the polyester load remains strong in the short term. There is little change in the basic supply and demand of PTA itself, and attention should be paid to changes in macro sentiment [1] - In terms of demand, the polyester operating rate is 88.7% (a month-on-month increase of 0.4%). Last week, driven by the price increase effect, terminal weaving factories concentrated on replenishing raw materials, and the inventory of filament factories decreased significantly. The operating loads of weaving and texturing, as well as filament and staple fiber, rebounded slightly. The polyester load remains strong in the short term. The pressure on staple fiber factories for cotton-type products is acceptable, while the pressure on hollow and low-melting products is relatively large, with a slight reduction in production. Attention should be paid to when demand will pick up in the future [2] - For PF, the spot production profit is 114 yuan/ton (a month-on-month increase of 78 yuan/ton). The demand side of PF has weak orders and high inventory. Affected by the production cuts of downstream enterprises, the willingness to hold PF is low. The near-month 09 contract is suppressed by the logic of forced cancellation of warehouse receipts [2] - For PR, the spot processing fee for bottle chips is 392 yuan/ton (a month-on-month change of +27 yuan/ton). The maintenance plans of several major manufacturers have been completed, and it is expected that the load of bottle chips will remain stable in the short term. After the repair of the spot processing fee for bottle chips, it is expected to return to the range of 300 - 500 yuan/ton for oscillation [2] - In terms of strategies, for unilateral trading, PX/PTA/PF/PR are rated as neutral. Attention should be paid to the changes in the China-US negotiation tariff policy from July 27 - 30 and the Fed's interest rate meeting at the end of the month. For PX, several PX plants are under maintenance recently, and the negotiation of the PX floating price remains stable, with the overall inventory still at a low level. In addition, a new 3.2 million-ton PTA plant has been put into operation recently, and the short-term polyester load is strong, so it is expected that PXN will have support. For TA, with the concentrated replenishment of terminal weaving factories, the inventory of filament factories has decreased significantly, and the polyester load remains strong in the short term. There is little change in the fundamentals of PTA itself, and attention should be paid to changes in macro sentiment. For PF, it is affected by the production cuts of downstream enterprises, and the overall willingness to hold is low. The near-month contract is suppressed by the logic of forced cancellation of warehouse receipts. For PR, the maintenance plans of several major manufacturers have been implemented, and it is expected that the spot processing fee for bottle chips will return to the range for oscillation after repair. Attention should be paid to the fluctuations in raw material prices. For cross-variety trading, short the PTA processing fee at high prices. There is no recommendation for cross-period trading [3] Summary by Directory Price and Basis - Figures include the TA main contract, basis, and inter-period spread trends; PX main contract trends, basis, and inter-period spread; PTA East China spot basis; and short fiber 1.56D*38mm semi-gloss natural white basis [7][8][10] Upstream Profits and Spreads - Figures include PX processing fee PXN (PX China CFR - Naphtha Japan CFR), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] International Spreads and Import-Export Profits - Figures include the toluene US-Asia spread (FOB US Gulf - FOB South Korea), toluene South Korea FOB - Japan Naphtha CFR, and PTA export profit [24][26] Upstream PX and PTA Operation - Figures show the operating loads of PTA in China, South Korea, and Taiwan, as well as the PX operating loads in China and Asia [27][30][32] Social Inventory and Warehouse Receipts - Figures cover the weekly social inventory of PTA, monthly social inventory of PX, total PTA warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [35][38][39] Downstream Polyester Load - Figures include filament production and sales, staple fiber production and sales, polyester load, direct-spun filament load, polyester staple fiber load, polyester bottle chip load, filament factory inventory days, and the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [46][48][50][59][62][64] Detailed PF Data - Figures show the polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, regenerated cotton-type staple fiber load, original-regenerated spread (1.4D polyester staple - 1.4D imitation large chemical fiber), pure polyester yarn operating rate, pure polyester yarn production profit, polyester-cotton yarn operating rate, and polyester-cotton yarn processing fee [70][73][80][81][86] Detailed PR Fundamental Data - Figures include the polyester bottle chip load, bottle chip factory bottle chip inventory days, bottle chip spot processing fee, bottle chip export processing fee, bottle chip export profit, East China water bottle chip - regenerated 3A-grade white bottle chip spread, bottle chip next-month spread (next month - base month), and bottle chip next-next-month spread (next-next month - base month) [88][90][99][102]

Report Industry Investment Rating - Unmentioned in the provided content Core Viewpoints - The decline in coking coal prices led to a callback in EG prices. The EG main contract closed at 4,436 yuan/ton, down 109 yuan/ton (-2.40%) from the previous trading day, and the EG spot price in the East China market was 4,499 yuan/ton, down 80 yuan/ton (-1.75%) [1]. - The production profit of ethylene - made EG was -$34/ton (up $4/ton), and that of coal - made syngas EG was 167 yuan/ton (up 44 yuan/ton) [1]. - MEG inventory in the main ports of East China decreased slightly last week. The actual arrivals at the main ports were 108,000 tons, lower than the planned value. This week, the planned arrivals are 156,000 tons [1]. - On the supply side, domestic supply is at a relatively high level, and overseas supply is expected to increase. On the demand side, the polyester load is expected to remain strong in the short term, but there is a risk of weakening fundamentals in August due to high supply [2]. - The strategy for single - side trading is neutral, focusing on macro - sentiment changes, especially the Sino - US tariff policy changes during July 27 - 30 and the Fed's interest - rate meeting [3]. Summary by Directory Price and Basis - The EG main contract closed at 4,436 yuan/ton, down 109 yuan/ton (-2.40%) from the previous trading day, and the EG spot price in the East China market was 4,499 yuan/ton, down 80 yuan/ton (-1.75%). The EG spot basis in East China (based on the 2509 contract) was 58 yuan/ton, up 8 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - made EG was -$34/ton (up $4/ton), and that of coal - made syngas EG was 167 yuan/ton (up 44 yuan/ton) [1]. International Spread - Unmentioned in the text about specific data, only a figure "Figure 9: Ethylene glycol international spread: US FOB - China CFR" is provided [19] Downstream Sales, Production and Operating Rate - Due to the price - increase effect, the terminal conducted centralized restocking, significantly alleviating the filament inventory pressure. The polyester load is expected to remain strong in the short term, and attention should be paid to the order connection in August [2]. Inventory Data - According to CCF data, MEG inventory in the main ports of East China was 521,000 tons (down 12,000 tons); according to Longzhong data, it was 475,000 tons (down 19,000 tons). The actual arrivals at the main ports last week were 108,000 tons, lower than the planned value, and the weekly port inventory decreased slightly. This week, the planned arrivals at the main ports in East China are 156,000 tons [1].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The top of the freight rate has likely appeared, and attention should be paid to Maersk's quotes [1][3] - The August contract is experiencing high - level fluctuations and a game around delivery, with the freight rate top probably reached [3] - The October contract should be mainly short - allocated, and subsequent focus is on the downward slope of the freight rate, with large expected fluctuations [4] - The December contract follows the seasonal pattern of peak and off - peak seasons, and the risk lies in whether the Suez Canal will resume operation [4] - The strategy includes a fluctuating main contract for the unilateral approach, and for the arbitrage, go long on the December contract and short on the October contract, and short the October contract on rallies [6] Summary by Directory 1. Market Analysis - Online quotes for Shanghai - Rotterdam routes from different shipping companies show some price adjustments. For example, Maersk's prices decreased from Week 31 to Week 32, and some companies' August upper - half - month quotes changed [1] - Geopolitical situation in the Gaza region may impact shipping, with ongoing military actions and discussions about a possible cease - fire [1] 2. Shipping Capacity - China - Europe base port's August monthly average weekly shipping capacity is 303,200 TEU, and September's is 289,800 TEU. There are changes in weekly capacity and additional vessels in Maersk [2] - In August, there were 4 empty sailings from the OA alliance and 5 TBNs; in September, there are 3 TBNs [2] 3. Contract Analysis - August contract: The freight rate is in high - level fluctuations. The settlement price is the arithmetic average of SCFIS on 8/11, 8/18, and 8/25. The top of the freight rate has likely appeared, and the final settlement price may be around 2200 points [3] - October contract: It is a seasonal contract, mainly for short - allocation, and the focus is on the downward slope of the freight rate. Normally, the October price is 20% - 30% lower than August's [4] - December contract: The freight rate is usually higher in December due to Western holidays and shipping companies' strategies. The risk is the resumption of the Suez Canal [4] 4. Futures and Spot Prices - As of July 28, 2025, the total open interest of all container shipping index European line futures contracts is 77,192 lots, and the daily trading volume is 70,845 lots. Different contracts have different closing prices [5] - SCFI and SCFIS prices for different routes are provided, such as the Shanghai - Europe, Shanghai - US West, and Shanghai - US East routes [5] 5. Strategy - Unilateral: The main contract fluctuates [6] - Arbitrage: Go long on the December contract and short on the October contract, and short the October contract on rallies [6] 6. Container Ship Capacity Supply - 2025 is a big year for container ship deliveries. As of July 27, 2025, 157 container ships with a total capacity of 1.2513 million TEU have been delivered [5] - Details of ships in different capacity ranges (12000 - 16999TEU and 17000 + TEU) delivered are provided [5]

Report Overview - There is no information about the industry investment rating [1][3][46][47] Core Views - The report focuses on the impact of the "anti-involution" policy on upstream prices, covering production and service industries, and also provides an overview of industry data and trends [1][3] Summary by Relevant Catalogs Industry Events - In the production industry, the National Conference of Heads of Industry and Information Technology Departments emphasized consolidating the effectiveness of comprehensive rectification of the "involution-style" competition in the new energy vehicle industry, strengthening governance of key industries such as photovoltaics, and promoting the construction of a mandatory national standard system in the industrial and information technology fields [1] - In the service industry, the national childcare subsidy system implementation plan was announced. Starting from January 1, 2025, families with one, two, or three children can receive an annual subsidy of 3,600 yuan per child until the child reaches the age of 3 [1] Industry Data - **Upstream**: International oil prices fluctuated and declined; egg prices rose slightly; glass prices increased [3][47] - **Midstream**: The PX operating rate decreased [3] - **Downstream**: The sales volume of commercial housing in third-tier cities remained at a low level; the number of domestic flights during the summer increased [3] Industry Credit Spreads - The credit spreads of various industries showed different trends. For example, the credit spread of the agriculture, forestry, animal husbandry, and fishery industry decreased from 60.41 last week to 58.97 this week; the credit spread of the mining industry decreased from 39.96 last week to 38.75 this week [46] Key Industry Price Indicators - The prices of various industries also showed different trends. For example, the spot price of corn was 2,332.9 yuan/ton on July 28, with a year-on-year change of 0.00%; the spot price of eggs was 6.8 yuan/kg on July 28, with a year-on-year increase of 3.82% [47]

Market News and Important Data - The price of light crude oil futures for September delivery on the New York Mercantile Exchange rose $1.55 to settle at $66.71 per barrel, a gain of 2.38%; the price of Brent crude oil futures for September delivery rose $1.60 to settle at $70.04 per barrel, a gain of 2.34%. The main SC crude oil contract closed up 2.06% at 516 yuan per barrel [1] - After the EU-US trade deal was announced by US President Trump, European Commission President von der Leyen explained some decisions in the trade negotiation. The EU is still overly dependent on Russian LNG, so importing more affordable LNG from the US is welcome. The tariff for the automotive industry in the agreement is set at 15%, and the same tariff rate will be implemented in the pharmaceutical industry. No decision has been made on the spirits sector, and details of the trade agreement framework will be announced in the coming weeks [1] - The Houthi armed forces in Yemen will escalate their maritime blockade and launch the fourth - stage blockade, targeting all ships of shipping companies cooperating with Israeli ports regardless of location and nationality [1] - Russia has imposed a temporary ban on gasoline exports by oil companies until August 31 to stabilize the domestic market during peak demand and ensure sufficient fuel supply for farmers [1] - An attack on the judicial institution in Zahedan, Iran, has caused 6 deaths and 20 injuries. The terrorist organization "Justice Army" claimed responsibility, and three attackers have been killed [1] - The OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting ended, reaffirming the importance of full compliance with quotas, without policy recommendations. The next JMMC meeting will be held on October 1 [1] Investment Logic - Trump threatened to shorten the 50 - day cease - fire observation period between Russia and Ukraine. Russia must respond within 10 - 12 days, or countries purchasing Russian oil will face 100% tariff sanctions, which threatens oil imports of China, India, and Turkey. However, there is uncertainty about whether Trump will actually impose sanctions, and it may become a short - term market speculation topic [2] Strategy - Oil prices will fluctuate in a short - term range and a medium - term short position is recommended [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The macro - sentiment has weakened, leading to a downward oscillation in the chlor - alkali futures market. The PVC and caustic soda futures prices have both declined. The PVC market is mainly influenced by macro - sentiment in the short term, and the supply pressure is high while the demand is weak. The caustic soda market price fluctuates more, with high supply pressure and rigid demand from the alumina sector [1][3]. 3. Summary by Relevant Catalogs PVC - **Futures Price and Basis**: The PVC main contract closed at 5149 yuan/ton, down 224 yuan. The East China basis was - 89 yuan/ton, up 134 yuan; the South China basis was - 89 yuan/ton, up 164 yuan [1]. - **Spot Price**: The East China calcium carbide - based PVC was quoted at 5060 yuan/ton, down 90 yuan; the South China calcium carbide - based PVC was quoted at 5060 yuan/ton, down 60 yuan [1]. - **Upstream Production Profit**: The PVC calcium carbide - based production gross profit was - 134 yuan/ton, up 181 yuan; the PVC ethylene - based production gross profit was - 506 yuan/ton, up 89 yuan; the PVC export profit was - 28.2 dollars/ton, down 8.6 dollars [1]. - **Inventory and Operation Rate**: The PVC factory inventory was 35.7 tons, down 1.0 tons; the PVC social inventory was 42.7 tons, up 1.6 tons. The PVC calcium carbide - based operation rate was 79.21%, up 1.69%; the PVC ethylene - based operation rate was 66.95%, down 1.36%; the overall PVC operation rate was 75.81%, up 0.84% [1]. - **Downstream Order Situation**: The production enterprise's pre - sales volume was 79.5 tons, up 9.9 tons [1]. Caustic Soda - **Futures Price and Basis**: The SH main contract closed at 2593 yuan/ton, down 44 yuan. The Shandong 32% liquid caustic soda basis was 1 yuan/ton, up 44 yuan [1]. - **Spot Price**: The Shandong 32% liquid caustic soda was quoted at 830 yuan/ton, unchanged; the Shandong 50% liquid caustic soda was quoted at 1330 yuan/ton, unchanged [2]. - **Upstream Production Profit**: The Shandong caustic soda single - product profit was 1603 yuan/ton, unchanged; the Shandong chlor - alkali comprehensive profit (0.8 tons of liquid chlorine) was 659.5 yuan/ton, up 40.0 yuan; the Shandong chlor - alkali comprehensive profit (1 ton of PVC) was 687.53 yuan/ton, down 60.00 yuan; the Northwest chlor - alkali comprehensive profit (1 ton of PVC) was 1734.34 yuan/ton, up 14.50 yuan [2]. - **Inventory and Operation Rate**: The liquid caustic soda factory inventory was 40.84 tons, up 2.45 tons; the flake caustic soda factory inventory was 2.31 tons, down 0.09 tons. The caustic soda operation rate was 84.00%, up 1.40% [2]. - **Downstream Operation Rate**: The alumina operation rate was 85.45%, up 1.84%; the East China printing and dyeing operation rate was 58.89%, unchanged; the viscose staple fiber operation rate was 84.97%, up 0.42% [2]. Strategies - **PVC**: For the single - side strategy, it is recommended to wait and see. For the inter - delivery spread strategy, go short on the V09 - 01 spread when it is high [4]. - **Caustic Soda**: For the single - side strategy, it is recommended to wait and see. For the inter - delivery spread strategy, go short on the SH2509 - SH2601 spread [4].

1. Report Industry Investment Rating - The investment rating for both the bean粕 and corn industries is cautiously bearish [3][6] 2. Report's Core View - The bean粕 futures price showed a weak oscillation. The weather in the main soybean - producing areas in the US is favorable, and the soybean growth is expected to continue to improve. There are obvious macro - factor disturbances, and the trade relationship is expected to improve. Domestically, the supply of bean粕 remains loose due to high soybean arrivals and rising inventory. Attention should be paid to new - season US soybean planting, Argentine bean粕 imports, and policy changes [2]. - The corn futures price had a narrow - range oscillation. Domestically, on the supply side, after the digestion of negative factors, traders' shipments have stabilized. On the demand side, the operating rate of deep - processing enterprises has declined, and feed enterprises have sufficient inventory. The impact of imported corn auctions on the market has weakened, but there are still risks of market fluctuations due to the approaching new - crop listing and uncertain policy - grain release [5] 3. Summary by Related Catalogs 3.1 Bean粕 Market News and Important Data - Futures: The closing price of the bean粕 2509 contract was 2990 yuan/ton, with a change of - 31 yuan/ton (- 1.03%) compared to the previous day; the closing price of the rapeseed粕 2509 contract was 2660 yuan/ton, with a change of - 15 yuan/ton (- 0.56%) [1]. - Spot: In Tianjin, the bean粕 spot price was 2910 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2840 yuan/ton, unchanged; in Guangdong, it was 2840 yuan/ton, down 10 yuan/ton. The rapeseed粕 spot price in Fujian was 2610 yuan/ton, down 20 yuan/ton [1]. - Market News: Private exporters reported selling 142,500 tons of US soybeans to Mexico for delivery in the 2025/26 season. Argentina's president announced a reduction in most agricultural product export tariffs, with the soybean export tariff dropping from 33% to 26%, and the bean粕 and soybean oil tariff from 31% to 24.5% [1] Market Analysis - The bean粕 futures price was weak. Favorable US weather, improving trade relations, high domestic soybean arrivals, and rising inventory contribute to a loose supply situation. Attention should be paid to new - season US soybean planting, Argentine bean粕 imports, and policy changes [2] Strategy - Cautiously bearish [3] 3.2 Corn Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2319 yuan/ton, up 8 yuan/ton (+ 0.35%); the closing price of the corn starch 2509 contract was 2683 yuan/ton, up 18 yuan/ton (+ 0.68%) [3]. - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2740 yuan/ton, unchanged [3]. - Market News: As of July 19, the harvesting progress of Brazil's second - season corn in the 2024/25 season was 55.5%. Brazil's 2024/25 corn production is expected to reach 131.97 million tons, a 14.3% increase. The EU's 2025/26 corn production is expected to be 60.13 million tons, up 0.9% year - on - year; imports are expected to be 18.33 million tons, down 7.0% year - on - year; exports are expected to be 4.23 million tons, up 69.2% year - on - year [4] Market Analysis - The corn futures price had a narrow - range oscillation. On the supply side, traders' shipments stabilized after negative - factor digestion. On the demand side, the operating rate of deep - processing enterprises declined, and feed enterprises had sufficient inventory. The impact of imported corn auctions weakened, but market fluctuations may occur due to new - crop listing and uncertain policy - grain release [5] Strategy - Cautiously bearish [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market sentiment has cooled down, leading to significant declines in coking coal and coke prices, while steel, iron ore, and thermal coal prices are showing oscillatory trends [1][3][5][7] Summary by Related Catalogs Steel - **Market Analysis**: The rebar futures contract closed at 3,248 yuan/ton, and the hot-rolled coil main contract closed at 3,397 yuan/ton. The national building materials trading volume was 101,000 tons. Building materials production and sales are basically stable, with little change in inventory, and the overall performance is slightly better than the seasonal average. As costs continue to rise, building materials prices are increasing. Plate production has declined, and the fundamentals are better than the seasonal average, with exports significantly boosting plate consumption. Recently, a series of policies such as anti-involution, expanding domestic demand, and stabilizing growth have been intensively proposed, boosting market sentiment and causing the futures market to rise continuously. However, with the sharp decline in coking coal on Friday night, the market sentiment has cooled down to some extent. Overall, the current fundamentals of the steel market are still good [1] - **Strategy**: The unilateral strategy is to oscillate, while there are no strategies for inter - period, inter - variety, spot - futures, and options trading [2] Iron Ore - **Market Analysis**: Yesterday, the iron ore futures prices oscillated downward. The prices of mainstream imported iron ore varieties declined weakly. Traders' enthusiasm for quoting was average, and most quotes were adjusted according to the market. The total iron ore trading volume at major ports across the country was 1.125 million tons, a month - on - month increase of 12.61%. In terms of supply, the global iron ore shipments rebounded slightly this period, with a total shipment volume of 32.009 million tons, a month - on - month increase of 918,000 tons. The total arrival volume at 45 ports this period was 22.405 million tons, a month - on - month decrease of 1.307 million tons. In July, there is a seasonal decline in iron ore shipments, but due to the recent increase in iron ore prices, the supply support is stronger than in previous years. In terms of demand, the current hot metal production remains at a high level, and there are no large - scale maintenance plans for steel mills in the short term, so the consumption and demand for iron ore are resilient. In terms of inventory, there is no obvious increase in port inventory. Overall, the fundamentals of the iron ore market are good. In the short term, after the price increase, the market sentiment has cooled down to some extent. In the future, attention should be paid to changes in hot metal production and the floating volume of iron ore at sea [3] - **Strategy**: The unilateral strategy is to oscillate, while there are no strategies for inter - period, inter - variety, spot - futures, and options trading [4] Coking Coal and Coke - **Market Analysis**: Yesterday, the coking coal and coke futures were weak throughout the day, and the main contracts of both coking coal and coke hit the daily limit down. In terms of imported Mongolian coal, the customs clearance volume of Mongolian coal has gradually recovered to a high level recently, and there is an expectation of supply restoration. For coking coal, affected by safety and environmental inspections, there are still disruptions in mine - end supply, but the customs clearance volume of Mongolian coal has increased, and future supply restoration needs to be monitored. In terms of demand, the hot metal production remains at a high level, providing rigid support for coking coal. The price increase has attracted speculative demand and driven consumption. For coke, the third round of price increases has been implemented, compressing the profits of coking enterprises, but the demand remains stable supported by the high - level hot metal production. Currently, the market sentiment has subsided, black building materials prices have generally declined, and terminal demand has weakened due to seasonal factors [5][6] - **Strategy**: Both coking coal and coke are recommended to adopt an oscillating strategy, while there are no strategies for inter - period, inter - variety, spot - futures, and options trading [6] Thermal Coal - **Market Analysis**: In the production areas, increased rainfall has affected production and sales, resulting in mixed price changes and a cooling of the price - support sentiment. At ports, there is a structural shortage of coal. After the downstream's phased rigid - demand procurement is completed, as the high - temperature range gradually expands, the daily consumption is gradually increasing. Traders are optimistic about the peak - season market, and market quotes are rising. In terms of imports, the price of high - calorie Australian coal is inverted compared with the domestic winning bid price, resulting in low liquidity. Indonesian low - calorie coal has obvious cost - performance advantages, and there are many downstream tenders [7] - **Strategy**: No strategy is provided [7]

Market Liquidity Overview - On July 28, 2025, the trading volume of the stock index sector was 508.281 billion yuan, a change of +10.84% from the previous trading day; the position amount was 1133.181 billion yuan, a change of +2.07% from the previous trading day; the trading - position ratio was 44.65% [1] - The trading volume of the treasury bond sector was 440.901 billion yuan, a change of -16.46% from the previous trading day; the position amount was 885.667 billion yuan, a change of -2.24% from the previous trading day; the trading - position ratio was 50.24% [1] - The trading volume of the base metal sector was 685.335 billion yuan, a change of -0.37% from the previous trading day; the position amount was 507.895 billion yuan, a change of -6.32% from the previous trading day; the trading - position ratio was 179.01% [1] - The trading volume of the precious metal sector was 472.097 billion yuan, a change of +46.81% from the previous trading day; the position amount was 444.023 billion yuan, a change of -4.11% from the previous trading day; the trading - position ratio was 148.20% [1] - The trading volume of the energy and chemical sector was 781.804 billion yuan, a change of +2.68% from the previous trading day; the position amount was 426.882 billion yuan, a change of -4.18% from the previous trading day; the trading - position ratio was 169.13% [1] - The trading volume of the agricultural product sector was 416.716 billion yuan, a change of +24.67% from the previous trading day; the position amount was 580.264 billion yuan, a change of -0.75% from the previous trading day; the trading - position ratio was 63.32% [1] - The trading volume of the black building materials sector was 877.660 billion yuan, a change of +30.18% from the previous trading day; the position amount was 384.076 billion yuan, a change of -8.21% from the previous trading day; the trading - position ratio was 220.46% [2] Report Structure I. Sector Liquidity - Includes figures on each sector's trading - position ratio, turnover change rate, position volume, position amount, trading volume, and turnover amount [4][7][8] II. Stock Index Sector - Covers figures on each variety's price change rate, trading - position ratio, change in precipitated funds, trend of precipitated funds, turnover change, and the proportion of net positions of the top 20 in each variety [4][9] III. Treasury Bond Sector - Contains figures on each variety's price change rate, trading - position ratio, change in precipitated funds, trend of precipitated funds, turnover change, and the proportion of net positions of the top 20 in each variety [4][21] IV. Base Metal and Precious Metal (Metal Sector) - Has figures on each variety's price change rate, trading - position ratio, change amount of precipitated funds, trend of precipitated funds, turnover change rate, and the proportion of net positions of the top 20 in each variety [4][30][37] V. Energy and Chemical Sector - Includes figures on each main variety's price change rate, trading - position ratio, change amount of precipitated funds, trend of precipitated funds, turnover change rate, and the proportion of net positions of the top 20 in each variety [4][38][39] VI. Agricultural Product Sector - Covers figures on each main variety's price change rate, trading - position ratio, change amount of precipitated funds, trend of precipitated funds, turnover change rate, and the proportion of net positions of the top 20 in each variety [4][48][49] VII. Black Building Materials Sector - Contains figures on each variety's price change rate, trading - position ratio, change amount of precipitated funds, trend of precipitated funds, turnover change rate, and the proportion of net positions of the top 20 in each variety [4][57][59]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The rapid decline in coking coal prices on Monday led to a drop in methanol, a coal - chemical product, and price volatility has increased. Overseas methanol production remains at a high level, and there is still significant pressure from incoming shipments. The maintenance plan for MTO units has not been implemented, and attention should be paid to the progress. It is still a period of slight inventory accumulation. [2] - In the inland region, coal - based methanol plants have undergone centralized maintenance but will gradually resume operation in early August. In the traditional downstream sector, formaldehyde is in a seasonal off - peak period, while MTBE and acetic acid production maintain a certain level of resilience. Inland demand remains strong, and inland methanol factory inventories have decreased again, showing a pattern where the inland market is stronger than the port market. [2] 3. Summary by Directory I. Methanol Basis & Inter - period Structure The report presents multiple figures related to methanol basis and inter - period spreads, including the basis between methanol in Taicang and the main contract, the basis of methanol in different regions relative to the main futures contract, and the spreads between different methanol futures contracts (such as 01 - 05, 05 - 09, 09 - 01). [6][21][23] II. Methanol Production Profit, MTO Profit, and Import Profit Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import spreads (such as the difference between Taicang methanol and CFR China, and the differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China). [25][26][34] III. Methanol Production and Inventory The report provides data on methanol port total inventory, MTO/P operating rate (including integrated plants), inland factory sample inventory, and China's methanol operating rate (including integrated plants). [35][36][38] IV. Regional Price Spreads It shows the price spreads between different regions, such as the spread between northern Shandong and the northwest, the spread between East China and Inner Mongolia, and the spreads between Taicang and other regions. [40][48][51] V. Traditional Downstream Profits The report includes figures on the production profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan. [52][56][60] 4. Strategies - Unilateral: Wait and see. [3] - Inter - period: Go for reverse arbitrage when the MA09 - 01 inter - period spread is high. [3] - Cross - variety: Narrow the spread between PP2601 and 3MA2601 when the spread is high. [3]